Fund performance: Déjà vu as April leaders dominate
CLO funds stayed in the top flight for another month as they took over the top 10 credit hedge fund return table in May, when 87% of all funds listed made positive returns

Credit slumbers in departure lounge as airline equities take off
Credit and equity markets have been in a balancing act on Tuesday between the positive and negative implications of surging oil prices and Germany opting to relax travel restrictions

PennantPark closes levered sleeve of private credit fund at $460 million
PennantPark Investment Advisers has closed the levered sleeve of its fifth comingled fund, PennantPark Senior Credit Fund Levered. Its unlevered sleeve, PennantPark Senior Credit Fund, is due to hold a final close in December

KSL amasses $753 million for fourth travel and leisure credit fund
 KSL Capital Partners Credit Opportunities Fund III had an initial $675 million target and fundraising took ‘less than a year’

Sound Point confirms buy-out of CVC's US direct lending business
Sound Point Capital Management has bought CVC’s US direct lending business, the pair have confirmed. The deal will add $1 billion of assets to Sound Point’s $25 billion platform and includes nine investment professionals

Credit markets heed early indicators of inflation pressure
Inflation became the topic du jour after the consumer price index (CPI) grew 4.2% in April, its fastest rate since September 2008 and much higher than the 3.6% many analysts predicted

BC joins forces with ex-Investec official for private equity financing strategy
The new offering will provide flexible capital to private equity funds and managers

Ex-Cerberus and Jefferies officials join FLC to lead new private debt unit
Family Legacy Capital Management, an investment manager for family office, has unveiled a New York-based private credit unit and has brought on former officials from Cerberus and Jefferies to lead the charge

Credit fundraising: three massive European direct lending funds notch up €17.6 bn
Fundraising figures continued upwards in April as just over $24 billion was raised for credit funds, alongside $3.2 worth of allocations to credit managers. Nine funds held final closes including the largest European direct lending fund raised to date

US pension terminates three credit mandates due to 'underperformance' and relative value
The New Mexico pension terminated one multi-asset credit mandate and two bank loan mandates

Apollo establishes $1 billion credit secondaries platform
Apollo says it formed the platform to capitalise on the explosive growth of private credit, as well as addressing related liquidity or portfolio needs from underlying investors

US CLO issuer hints at ending three-year absence with plans for equity fund
A US CLO manager which debuted in 2018 and has priced one deal looks to have launched its own CLO captive fund   

Toronto-based Whitehorse Liquidity hits $4 billion hard cap on liquidity solutions fund
Whitehorse Liquidity Partners Fund IV provides liquidity solutions to private equity-style fund investors and managers

"IG investors might want to rethink the instrument, but they need not fear rising rates just yet"
In his latest column for Creditflux, Cheyne's Duncan Sankey writes that the sharp rise in 10-year US treasuries could be positive for investment grade investors, but value is in CDS rather than bonds 

LP round-up: $2.6 billion flows into 26 credit managers
A stuck ship in the Suez Canal may have prevented others from getting through one of the world's busiest waterways in March, but allocations to credit funds were much more free flowing as investors poured over $2.6 billion into the hands of credit managers

Corp hybrid popularity mounts, but strategist outlooks diverge
Corporate hybrid bonds are becoming a focal point for investors in the second quarter, with one bank's credit strategy team making them a top pick to trade spread compression while another's has expressed caution on their likely performance

Tikehau places €500 million sustainable bond as it plans high yield impact fund
Tikehau Capital has placed an inaugural sustainable bond that it says is the first of its kind for an asset manager

Vontobel names fixed income trading head amid four senior hires
Vontobel Asset Management has appointed four senior hires to its team including a newly created role of head of fixed income trading

Mid-market CLO manager sells minority stake to Aberdeen Standard division
A $10 billion US mid-market private credit firm has sold a passive minority equity stake to Bonaccord Capital Partners

Hamilton Lane collects nearly $900 million for private credit fund
Hamilton Lane has held a 'nearly $900 million' final close of its sixth private credit fund, Hamilton Lane Strategic Opportunities Fund VI

Atalaya hits $1 billion hard cap on private credit fund with 10-13% return target
Atalaya Capital Management has hit its $1 billion hard cap on its private credit speciality finance fund, Asset Income Fund V

First Eagle targets $1 billion for direct lending
First Eagle is targeting a $1 billion fundraise for First Eagle Direct Lending Fund V

Golub follows Sixth Street by suing Dyal over Owl Rock merger
Dyal Capital’s merger with Owl Rock faces growing opposition with Golub Capital filing a lawsuit

ESG growth in CLOs has momentum in 2021, say JPM strategists
ESG investing in securitised products such as CLOs have 'momentum for growth in 2021' despite very slow volume growth and lack of progress in standardised scoring over the past year, say JP Morgan strategists in a research note

Europe resumes rally in US absence with Italian spreads hitting new records
Caution about a possible Draghi bubble looks to be a rare commodity, as Italy sovereign and bank spreads are once again among the biggest improvers in a buoyant start to the week